Soybean Futures Hit One-Month High on Hopes for U.S.–China Buying

Overview

• CBOT November soybeans rose 12.5 cents to $10.32 per bushel after touching $10.33-3/4, while December corn added 1 cent and December wheat gained 1.25 cents.
• The advance followed President Trump's remarks that he expects Beijing to agree to a soybean deal, with a meeting with President Xi planned in South Korea later this month.
• USDA statistical reports remain suspended because of the government shutdown, forcing grain markets to navigate without official updates.
• AgRural reported Brazil's soybean planting at 24% and center-south first-crop corn at 51%, and analysts estimated U.S. harvest progress at 73% for soybeans and 59% for corn.
• China imported no U.S. soybeans in September, and market participants warned that tensions with Colombia could weigh on U.S. corn demand.